NFT Defense Tactic – The U.S. National Football League (NFL) is issuing restrictions preventing teams from getting into the non-fungible token (NFT ) business or taking advantage of advertising partnership opportunities with major cryptosphere players. Why such a decision?
NFTs and crypto companies out of the picture
The NFL currently prohibits teams from selling NFTs and entering into sponsorship deals with exchanges, such as FTX, while the league is reportedly strategizing to enter the sports digital art and card market. However, teams may work with asset management firms that offer funds tracking the performance of cryptocurrencies.
One team official read these restrictions imposed by the NFL in its new digital asset guidelines:
“Clubs are prohibited from selling, or allowing in club-controlled media, advertisements for specific cryptocurrencies, initial coin offerings, other cryptocurrency sales, or any other category of media related to blockchain, digital assets, or a blockchain company, except as provided herein.”
However, these provisions do allow sponsorships with “companies whose primary business is to provide investment advisory or fund management services related to cryptocurrencies, provided that such advertising sponsorship rights are limited to promoting the company’s brands.”
NFL: no stadium name change in sight for now
The NFL is being more cautious than other leagues, such as the National basketball association (NBA), which has unabashedly plunged into NFTs with its NBA Top Shot generating over $700 million in sales since its launch.
The NFL is also blocking juicy advertising sponsorships with cryptosphere giants who would like to promote their brand. Yet other leagues are also more flexible on this front, a flexibility that allowed the NBA’s Miami Heat to sign a $135 million, 19-year deal with the FTX exchange over the naming rights to its Florida stadium, which will be known as the “FTX Arena” starting with the 2021/2022 season.
American football is behind soccer. The NFL is taking its time and prefers to play the ban card rather than the NFT card for the time being, even though soccer has already scored in this game, especially through the <a href=”https://journalducoin.com/news/of-nft-in-waiting-you-in-voice-return-on-the-partnership-between-the-Italian-football-league-and-crypto-com/” target=”_self” rel=”noopener”>partnership-between-the-Italian-football-league-and-Crypto.com.
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